Mass adoption for Bitcoin \ stacker news ~bitcoin

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33 sats \ 9 comments \ @03cf8684ea 21 Aug 2023 bitcoin

Bitcoin's adoption is growing, but it's concerning that only a handful of companies accept it worldwide after all those years. This makes me wonder about the difficulties compagnies face when using Bitcoin.

What restrains Bitcoin from attaining mass adoption in your opinion ?

Maybe jsute time... I hope we can find something better tho

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121 sats \ 0 replies \ @nerd2ninja 21 Aug 2023

I put off watching this for a watching this for a while, but I was happy enough when I finally did. I mean for me it was boring, expected really, but for other people that don't think the way I do, who are always rushing, that think Bitcoin adoption needs to look like iPhone adoption rather than internet adoption (the internet took a long ass time to get mass adoption, and yes I consider ARPANET to be "internet"), but here you are, this will help you understand I think: https://www.youtube.com/watch?v=9rOlmQ5Jy3s

I also wrote about how Bitcoin adoption is actually multi-generational adoption in Bitcoin Adoption into the Future - Build it Right and Grow from There and I wrote about what it takes in How to Build your Citadel

346 sats \ 1 reply \ @DarthCoin 21 Aug 2023

Here is how bitcoin adoption will happen

What restrains Bitcoin from attaining mass adoption in your opinion ?

Only the reticence of people to learn more about Bitcoin. Most of normies are just NPCs waiting for their lovely gov to say "from now on you will use BTC". That will not happen.

This makes me wonder about the difficulties compagnies face when using Bitcoin.

No, you are wrong. Companies do not have difficulties to use Bitcoin, but their lack of knowledge is disturbing. Here is list of companies that do not have ANY difficulties in using Bitcoin

but it's concerning that only a handful of companies accept it worldwide after all those years.

Bitcoin is just a baby, and not talking about LN that have only 4 years... Have patience and learn as much as you can. Compànies do not adopt it because you are not demanding it and / or help them accepting it. Learn and teach them. Don't cry.

31 sats \ 0 replies \ @03cf8684ea OP 21 Aug 2023

Dont worry, there no complains there. Thanks for the links ;)

46 sats \ 0 replies \ @telcobert 21 Aug 2023

You are asking the right question when focusing on companies, as "Bitcoin adoption" is a completely vague concept in the public debate, with all kinds of statistics trying to prove that it may be happening. If some new digital thing is right, it will be adopted very fast, as seen with ChatGPT.

The difficulty has been publicly known right from the outset in 2009. Reticence to learn or lack of knowledge has absolutely nothing to do with it. The difficulty is simply that Bitcoin is volatile.

Companies in the real economy need a stable money. They either have cash piles or they have debt. If either fluctuates 10 % in a day as Bitcoin a few days ago, it can wipe out an annual profit. The adoption of Bitcoin stops before it even starts. As is, it cannot be a money.

That is why the statutes of central banks prescribe a stable purchasing power and value of their currency as a top responsibility. Evidently, if money demand of the real economy fluctuates all the time and Bitcoin base money supply is fixed, then the value of Bitcoin fluctuates, which is the opposite of what's needed. Once people realise (timing is difficult to tell) it will drop like a stone.

I trust that answers your question.

PS: There is a project which is writing code to fix the Bitcoin supply elasticity problem and stabilise Bitcoin's value, Bitcredit Protocol on www.bit.cr (disclosure: I am involved with it). It is a highly controversial project, though, as most hodlers of bitcoin today actually like it to remain a highly volatile asset, not as a rock-steady unit of account. Not that it matters what they want.